THE HINDU Editorial With Vocab : In largesse we trust

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THE HINDU Editorial With Vocab

UP farm loan waiver: In largesse we trust

Chairing his first cabinet meeting after taking over the reins in Uttar Pradesh, Chief Minister Yogi Adityanath approved a write-off on outstanding farmer loans of up to Rs 1 lakh taken before March 31, 2016. The State cabinet also decided to waive loans worth Rs 6,000 crore extended to small and marginal farmers that had turned into non-performing assets. Together, this package, aimed at fulfilling the Bharatiya Janata Party’s election promise, will cost the exchequer about 36,000 crore. There was no mention of a bigger plan to ramp up the farm sector, in which U.P. invested just 2.3% of total expenditure in 2016-17 — one of the lowest rates across major States. A little earlier, the Madras High Court ordered the Tamil Nadu government to extend a similar farm loan waiver scheme for small farmers (with land holdings of up to 5 acres) and marginal farmers (who own up to 2.5 acres) to all farmers. Officials have even been forbidden from trying to recover loans where repayments have slipped. The State, which had already doled out 5,780 crore on this front, would need nearly 2,000 crore more to comply with the court’s order. This is a worrying trend for a country that wants to double agricultural incomes by 2022. Not only could it trigger a countrywide clamour for similar debt relief packages, political parties would also be more inclined to make such grand promises ahead of future polls. This is a slippery slope with multiple unintended outcomes likely in the years to come.

The Madras High Court has clearly reached into the the domain of the executive. The risk is that this overreach could be cited in other courts to seek omnibus loan waivers. Opposition parties in U.P. have already criticised the cap of 1 lakh on farm loans that will attract relief. The timing of these drastic interventions is unusual as India had a good monsoon in the 2016-17 crop season, after two years of drought, and a bumper output is expected for all major crops barring sugarcane. Forgiving loan burdens is a powerful political gesture that glosses over the fact that governments have had little patience to make agriculture a sustainable economic activity with efficient linkages to formal markets, be it for credit or for supply chains from farm gate to fork. FDI of up to 100% was allowed in food retail trading but investments are stuck over the reluctance to allow a small proportion of non-food sales. Writing off loans as a blanket policy, without scrutiny and restructuring attempts creates a moral hazard for borrowers, who will have no incentive to stick to credit discipline. Frequent write-offs will prod banks to invest in alternatives such as the Rural Infrastructure Development Fund instead of reaching out to individual farmers to meet their agricultural lending targets. In which case, usurious local moneylenders could have a field day.

Magical Vocabulary From The Hindu Editorial

  1. Reins (noun) नियंत्रणa long, narrow strap attached at one end to a horse’s bit, typically used in pairs to guide or check a horse while riding or driving.

Synonyms:- restraint, check, curb, constraint, restriction, limitation, control, brake.

Example: – Spotting them, she quickly grabbed the reins and led the horses back at a trot.

  1. Exchequer (noun) सरकारी खजानेa royal or national treasury.

Synonyms:- treasury, thesaurus, exchequer, treasure house, coffers, chest.

Example: – The squeeze on the public exchequer also affects welfare expenditure adversely.

  1. Clamour (noun) कोलाहलa loud and confused noise, especially that of people shouting vehemently.

Synonyms:- din, racket, rumpus, loud noise, uproar, tumult, shouting

Example: – There has been a clamour for tax credits to help small businesses train their staff.

  1. Inclined (verb) इच्छुकhave a tendency to do something.

Synonyms:- prone, given, liable, likely, apt, wont

Example: – she’s inclined to gossip with complete strangers

  1. Omnibus (noun) सार्वत्रिकcomprising several items.

Synonyms:- universal, global, omnibus.

Example: – Most of these bills are omnibus bills that have a whole lot of other things.

  1. Interventions (noun) हस्तक्षेपthe action or process of intervening.

Synonyms:- interruption, obstruction, hindrance.

Example: – they are plants that grow naturally without human intervention.

  1. Sustainable (adjective) टिकाऊable to be maintained at a certain rate or level.

Synonyms:- nourish, feed, nurture, maintain, preserve, keep alive, keep going.

Example: – It is the next challenge for those of us who are active in creating a sustainable

agriculture system.

  1. Reluctance (noun) अनिच्छाunwillingness or disinclination to do something.

Synonyms:- unwillingness, disinclination, hesitation, wavering, vacillation

Example: – If the findings are accurate, our reluctance to travel by airplane is abating.

  1. Scrutiny (noun) जांचcritical observation or examination.

Synonyms:- examination, inspection, survey, study, perusal, investigation

Example: – every aspect of local government was placed under scrutiny

  1. Usurious (adjective) सूदखोर, अत्यधिक ब्याज़ॅ लेने वाला / उदारof or relating to the practice of usury.

Synonyms:- exorbitant, outrageous, steep, extortionate, unconscionable

Example: – Future revenues were mortgaged against advances at usurious rates.

 

Courtesy :- The Hindu 


       

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